At 5:09 PM -0800 on 1/13/02, faustine.@hushmail.com wrote:
Yep.
Yep^2.
Someday, what we call "currencies" will be mere indices of various assets.
Look ma, no fiat-state numeraires...
Think of a combination of Fama/Black, et. al's early 1980's notion of "new"
monetary economics coupled with an index of (bearer-held :-)) assets in
transit and in wearhouses, along with commodities, plus the usual equity
and debt mixture. Pretty much what the fed does now, only the index will be
sold, just like the S&P is now.
When IBUC's site's back up, I'll point to an essay I did on it a couple of
years ago...
Cheers,
RAH
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R. A. Hettinga